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U.S. International Trade in Goods and Services A Case Study September 11, 2003 Stephen Buckles Erin Kiehna Vanderbilt University Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Figure 1: Monthly Balance of Trade in Goods and Services $0 -$5 Billions of dollars -$10 -$15 -$20 -$25 -$30 -$35 -$40 -$45 1998 1999 2000 2001 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted 2002 2003 1600 Figure 2: Exports and Imports of Goods and Services (Annual Data 1970-2002) 1400 Billions of Current U.S. Dollars 1200 1000 800 600 400 Exports 200 Imports 0 1970 1975 1980 1985 1990 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted 1995 2000 Figure 3: Exports and Imports of Goods and Services as a Percentage of GDP (1970-2002) 16.0% Percentage of Current Dollar GDP 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% % Exports % Imports 2.0% 0.0% 1970 1975 1980 1985 1990 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted 1995 2000 Figure 4: A Breakdown of Exports and Imports by Goods and Services 100% 90% Goods Imported 80% Percentage of Exports or Imports 70% Goods Exported 60% 50% 40% 30% 20% Services Exported 10% Services Imported 0% 1998 1999 2000 2001 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted 2002 2003 Figure 5A: Components of Exported Goods and Services (2003 to-date) Food, Feed and Beverages 5% Services 30% Industrial Supplies and Materials 17% Capital Goods, not Autos 34% Other 3% Consumer Goods 9% Autos, Vehicles, Parts and Engines 8% Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Figure 5B: Components of Imported Goods and Services (2003 to-date) Food, Feed and Beverages 4% Services 16% Industrial Supplies and Materials 21% Other 3% Consumer Goods 23% Capital Goods, not Autos 25% Autos, Vehicles, Parts and Engines 14% Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Figure 6: The Major Trading Partners of the U.S. in Goods to-date in 2003 (all countries listed are in the top 10 for imports and/or exports) Percentage of U.S. Exports Percentage of U.S. Imports 25% 20% 15% 10% 5% Copyright National Council on Economic Education. Reproduction for Educational Use is Granted a C hi n Fr an ce s N et he rla nd an Ta iw So ut h K or ea an y G er m U K Ja pa n ex ic o M ad a 0% C an Percentage of U.S. Exports or U.S. Imports 30% Table 1: Export and Import Data for July 2003 Changes in Exports for July (in Billions) Changes in Imports for July (in Billions) Category Exports Goods Capital goods Automotive... Consumer goods Industrial supplies Food, Feed, Bev. Other goods... Services Category Imports Goods Capital goods Automotive... Consumer goods Industrial supplies Food, Feed, Bev. Other goods... Services Change $1.7 $1.3 $0.6 $0.3 -$0.1 $0.4 $0.2 -$0.1 -$0.2 Total $86.1 $60.5 $25.6 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Change $2.0 $3.6 $0.0 -$0.1 $0.7 $1.0 $0.1 $0.0 $0.0 Total $126.5 $105.8 $20.7